Will Pepe Coin Price Lose $0.00006 Support Amid Market Correction?

Amid the current correction trend in the crypto market, the Pepe coin price witnessed a sharp reversal from the $0.0000108 mark. This bearish downturn pledged the coin’s price by 35% within three days to reach a low of $0.000007. As the Bitcoin price prolongs its correction trend, the pepe price teases a breakdown below $0.000007. key support, signaling the potential for further downfall. 

PEPE Coin Eyes  Recovery After Hitting Fibonacci Level

Amidst the recent memecoin mania in the crypto market, the Pepe coin stands out as an outperforming asset in its [10sector.From the swing of $0.00000109, this frog-themed memecoin rallied 894% to reach a high of $0.00001084.

However, the overextended rally coupled with the BTC price correction below $70000 triggered a sharp reversal in the PEPE price. Thus, the PEPE coin plunged to the current trading price of $0.000008 seeking support at the Fibonacci retracement level of 38.2%. 

In theory, this correction level provided suitable support for buyers to regain bullish and rebound for higher recovery. Today’s daily candle with long-tailed rejection accentuates the presence of high demand pressures and the potential for buyers to regain control. However, a reversal pattern at this support is needed to get a better confirmation for recovery.

As per the Fibonacci extension tool, the post-correction rally may lead the OEOEO coin price to $0.000013 or $0.0000147 mark.

Will Fibonacci Support Hold Against Market Pressure?

Should the market’s selling pressure continue, the PEPE price could dip beneath the 38.2% Fibonacci support level of $0.000007, potentially triggering a slide to $0.000006. This key horizontal threshold, coinciding with the 50% retracement level, serves as a critical pivot for traders, where any additional decline may indicate a diminishing strength among buyers.

• Exponential Moving Average: A 20-day EMA slope at $0.00007 offers additional support for buyers to maintain the recovery trend.
• Relative Strength Indicator: The daily RSI line above 50% indicates the market sentiment stands bullish for this asset.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.